
10.01.2018
From The Markets
ESMA Letter On Third Country Regimes
10.01.2018The European Securities and Markets Authority has written to the European Commission in relation to additional issues concerning some MiFID II/MiFIR requirements on investor protection and intermediaries.
ESMA has got in on the #Brexit debate with its recent #MiFIDII letter to the EC about investor transparency concerns. https://t.co/h0If3Xlkud pic.twitter.com/yIv9nstBZf
— Virginie O'Shea (@virginieoshea) October 1, 2018
The letter is a follow-up to an earlier letter concerning some MIFID II/MIFIR requirements regarding trading venues.
The letter highlights a number of items, which are relevant in the context of the United Kingdom’s withdrawal from the European Union, in particular:
- Concerns regarding the MiFIR regime for third country firms providing investment services and activities to eligible counterparties and per se professional clients;
- Concerns regarding the MiFID II regime for third country firms providing investment services and activities to retail and professional clients on request;
- Third country firms providing investment services and activities at the exclusive initiative of EU clients (reverse solicitation); and
- Investment firms outsourcing critical or important functions other than those related to portfolio management to third country providers.
Source: ESMA